Boxer Retail Eyes Expansion After Record R8.5B JSE IPO
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Boxer Retail Ltd. has cemented its position in South Africa’s retail sector with a historic R8.5 billion IPO on the Johannesburg Stock Exchange—the largest listing since 2017. Shares surged 17% on debut, closing at R63.51 and valuing the company at R24.7 billion.
The discount retailer plans to aggressively expand its footprint, targeting 60-70 new stores annually. This seven-year growth strategy focuses on underserved regions, capitalizing on shifting consumer preferences toward value-oriented formats.
Proceeds will strengthen parent company Pick n Pay’s balance sheet, reducing debt while funding operational improvements. market analysts view the successful listing as a bellwether for South Africa’s retail recovery amid economic headwinds.
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